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Proceedings of the stockholders of the North Carolina Rail Road Company

Proceedings of the ... annual meeting of the stockholders of the North Carolina Rail Road Company

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SEP 28 19418
Notll) Carolina Bail Jloab,
AMENDMENTS TO THE CHARTED.
PROCEEDINGS
OF
STOCKHOLDERS.
IN MARC# AND JTJLY 1855,
AT
GREEtfSSQRO', N. C,
WITH THK
BY-LAWS OF THE COMPANY,
GREENSBORO', N. 0.
PRINTED AT THE PATRIOT OFFICE
August, 1855
C&u &ct
FOR THE
COMPLETION OF THE N. C. RAIL ROAD.
Section 1.
—
Be it enacted by the General Assembly of the State
tif North Carolina, and it is hereby enacted by the authority of the
same, That the Public Treasurer is authorized and instructed to sub-scribe,
in behalf of the State, for ten thousand additional shares of
capital stock in the North Carolina, Rail Road Company, and that he
make payment for said stock by issuing and making sale of the Bonds
of the State, under the same provisions, regulations and restrictions'
prescribed for the sale of the bonds heretofore issued and sold to pay
the States original subscription in the stock of said Company, and the
Same pledges and securities arc hereby given for the faithful payment
and redemption of the certificates of debt now authorized, that were
given for those issued under the same act. Provided nevertheless,
That the whole amount of principal money of such bonds or certificates
of debt shall not exceed the sum of one million of dollars.
Sec. 2.
—
Be it further enacted, That the stock thus directed to be
subscribed and paid for, in behalf of the State, shall be a preferred
stock in the North Carolina Rail Road Company, and the State shall
be entitled to six per cent, per annum, payable semi-annually thereon,
out of any dividends of profits made by said Company, before any div-idends
shall be paid on any other stock in the same, and that the
stockholders of said company, in general meeting assembled, shall give
their assent to the provisions of this act, and that the President of
said Company shall make a certificate of said assent, under the seal
of the said Company, to be approved by the Governor of the State,
and filed in the office of the Public Treasurer before the subscription
shall be made as director in the 1st section of this act : Provided, That
the said stock of one million shall continue to be preferred stock, en-titled
as aforesaid, only so long as, and during the time, that it is held
by the State, but upon being sold and transferred by the State, shall
thenceforth cease to be entitled to dividends of preference as afore-said
: Providedfurther, That said stock may be transferred to any
other work of Internal Improvements by a future Legislature.
Sec. 3.
Be it further evicted, That the affairs of the said Com-pany
shall be managed and directed by a general board to consist of
twelve dir< hi on the part of the Stare, and four on the part
[dividual stockholdei leeted and appointed; as hereto
4
provided in the original act of incorporation of said Company, at the
General annual meetings of Stockholders of said Company, and that
no person shall be competent to act as a director in said Company who
is not a stockholder to the amount of five shares of stock.
Sec. 4.
—
Be it further enacted, That at all General meetings of the
stockholders the State shall be represented by an agent or proxy ap-pointed
by the Governor, and such agent or proxy shall not be enti-tled
in the general meetings aforesaid, to vote in the election of the
directors to be elected on the part of individuals.
Sec. 5.
Be it further enacted, That all real estate held by said
Company for right of way, for station places of whatever kind, and for
workshop location, shall be exempt irom taxation until the dividends
of profits of said
1 Company shall exceed six per centum per annum.
gEC# 6.
Be it further enacted, That the sum of fifteen thousand
dollars, to be raised by the State in the same manner as other moneys
are raised by the provisions of this act, be, and the same is hereby
appropriated for the purpose of cleaning out, and improving the navi-gation
of Tar river, between the town of Washington and the fall of
said river ; and that his Excellency the Governor is hereby empower-ed
and required to appoint suitable commissioners to carry into effect
the requirements of this section.
Sec. 7.
Be it further enacted, That this act'shall take effect and
be in force from its ratification
Proceedings of call meetinc*.
March 5th, 1856
Pursuant to a call ot the President of the Company, the Stockhof
ders of the North Carolina Rail Road Company met in General meet-ing
at Greensboro', N. C, on 5th March, 1855.
On motion of Mr. J. M. Morehead, the meeting was organized by
calling P. C. Cameron, Fsq., to the chair, and appointing D. Coleman
and F. Fries Secretaries. Messrs. Coleman and Fries were appointed
a committee to examine proxies and report the number of Stockhol-ders
present and the number of shares represented. The committee
report sixty-two Stockholders present in person, representing twenty-five
hundred and ninety-four shares, and two hundred and thirty-three
Stockholders present by proxies representing thirty-five hundred
shares, say in all 295 Stockholders, holding 6094 shares. As the ne-cessary
number of Stockholders representing the necessary number
of shares of stock to form a quorum to transact business thus appear
to be present, the meeting was pronounced by the chair ready to take
up the subject for which they had assembled. On motion it was
Resolved, By the Stockholders of the North Carolina Rail Road
Company in general meeting assembled, that the capital stock of said
Company shall be increased one million of dollars.
The President of the Board of Directors laid before the meeting
"An act for the completion of the North Carolina Rail Road," passed
by the last
#General Assembly of North Carolina, and explained the
object of the provisions" of the act.
A motion was made, and a stock vote being called for, the meeting
unanimously adopted the following :
Resolved, That the Stockholders of the North Carolina Rail Road
Company, in general meeting assembled, give their assent to the pro-visions
of an act passed by the last General Assembly of the State of
North Carolina, entitled " An Act for the completion of the North
Carolina Rail Road, and do accept of the same.
Mr. D. Coleman presented the following resolution :
Resolved, That from and after the day of 1855, neither
persons, mails, merchandize, produce or freight of any kind whatever^
shall be transported upon the North Carolina Rail Road on the Sab-bath
day, except in cases of extreme necessity,
^bich was laid on the table at the request of the mover
F. Fries offered the following resolution :
Resolved, That Stockholders of this Company going to and return-ing
from general meetings of the Company, travel over their road free,
which was adopted unanimously.
On motion it was
Resolved. That the President of the Company, be directed to ten-der
the subscription book for more stock to the Treasurer of the
State, to make the State's subscription, authorized under an Act pass-ed
by the last General Assembly of the State of North Carolina, enti-tled
" An Act for the completion of the North Carolina Rail Road ;"
having previously furnished the Governor of the State with his certifi-cates
signifying the assent of the Stockholders of this meeting to said
Act.
On motion the chairman declared this meeting adjourned sine die.
PAUL C CAMERON, Chairman.
Daniel Coleman, ) a „ . .
FeancisFejes, '} Secretaries.
PROCEEDINGS OF THE ANNUAL MEETING
. Greensboro', July 12, J
:
Annual. meeting of the Stockholders of. the North Carolina Rail
[toad Company assembled at the Young Men's I Trill in Greensboro^.
Upon motion of Hon. R. M. Saunders, Dr. Fred. J. Hill was ap- /
pointed qhairman of the meeting.
The Secretary reported that a majority of the whole stock was rep.
resented by upwards of one hundred Stockholders in attendance.
Upon motion of Messrs. Gorrell and Gilmer, Dr. D. A. Montgom-ery
and D. H. Starbuck were appointed Secretaries of the meeting.
*Upon motion, Daniel Coleman, Francis Fries, Jed. H. Lindsay and
C. P. Mendenhall were appointed acommittee to examine and verify
proxies and report to this meeting. The committee retired.
On motion of Giles Mebanc, Esq., the meeting adjourned to 1|-
O'clock, P. M.
1$ o'clock, P.M.
The chairman called the meeting to order ; whereupou the Report
of the President and Directors of the N. C. Rail Road Company of
the year preceding, was submitted and read to the meeting by the
President, as follows :
To (he Stockholders of the N. C. Hail Road Company.
Gentlemen :—Since the last annual meeting in Hillsboro',
the Legislature came forward in a noble spirit of patriotism and libe-rality,
and authorized a subscription of an additional million of dollars
to the Stock of this Company ; and by the Act authorizing the sub-scription,
made several amendments to the Charter, which were ac-cepted
at your meeting held for that purpose in Greensborough in
March last:
Since that meeting, the subscription has been made, and the Bonds
of the State offered for sale to raise the amount, were mostly taken
by the Board for the benefit of the Company. These have been found
an excellent substitute for the cash, as they bear interest until the ex-igencies
of the Company require them to" be disposed of.
By the amended charter, the relation between the Stockholders and
the State becomes altogether changed. Heretofore the State has not
been represented in the general meetings of the Stockholders, al-though
she held* t*e-thirds of the capital stock. Now the State's
representative will have a right to be present and vote in all general
meetings, on all questions except the election of Directors.
The superstructure of the Road has gradually progressed ; and ag
it has been completed from station to station, it has been brought in-to
use. A train commenced running daily between Goldsboro' and
Stalling's Station in October last ; and it has been extended as the
track was finished, until by the 12th inst. it will reach Haw River
daily, a distance of 105 miles. At this point there will probably be
some weeks' delay, from a failure on the part of the contractor to com-plete
the bridge in time. From thai point westward to Greensboro',
no other delay is apprehended, unless it may be at a difficult rock ex-cavation,
near the River \ but this at most will be of short duration,
as every commendable effort is now making to remove the obstruction
In September a daily train commenced running from Charlotte to
Concord Station, and the running ha3 been extended as the Stations
were reached. The track reached Salisbury at the beginning of the
year, and the Yadkin River about 19th March, when the track layiny
was suspended until the Bridge was completed for the rails, a space
of time embracing some ten weeks. Since crossing the Yadkin Riv-er,
the track-laying has progressed rapidly, and the citizens of Lex-ington
had the pleasure of celebrating the arrival of the trains at that
place on the 4th instant.
From Lexington to Greensboro', no delay is apprehended, unless
it may be a short one near Leonard's Creek, where a tedious and dif-ficult
rock excavation has to be made. The new contractor on .this
work is pushing it, with great vigor, and no delay may be apprehend-ed,
if energy and industry can drive the work through.
The materials for the track will be ready in due season. Sills
enough for the Road have been contracted for, and most of them de-livered
along its line.
In October last the President contracted with Messrs. P. Chou-teau,
jr., Sanford, &c, of New York, for nine thousand tons of Rails
of their former pattern, at $42.50 per ton, exclusive of duty, to be
delivered, one half at Portsmouth, Va., the other half at Charleston,
S. C. Bidders exacted prices so much higher for shipments to Wil-mington
than to either of the other ports, besides other charges for
lighterage and demurrage as to preclude all shipments to our own
ports, unless it was done at a great sacrifice to the Company, and al-so
a further damage to the Company, by delay in the time of delivery,
which bidders required, as shipments had to be made in a smaller
class of vessels. Nearly the whole of this Iron has been delivered and
the larger portion paid for, and the Company will be in a condition to
meet promptly subsequent payments as they fall due.
Two companies of track-layers', with suitable forces, are organized,
and have been in full operation during the year. The Eastern Corps
under the direction of Capt. Allen ; the Western under the direc-tion
of Capt. Rhodes. And the Board take pleasure in testifying to,
$be energy and judicious management of these excellent officers
With iron and sills enough to lay the track, aad corps of track-Iay-ers
sufficient to put tham down, it is yet believed that the close of
the year will find the approaching ends of4 the Road, if not aotually
united, so near together, that thcTsteanvwhistle from each end can be
heard at the same time.
Contractors were required to commence grading this road on 1st.
Jan. 1852, and the 1st of Jan. 1856, was the time it was then pre-dieted,
when the first train would. pass over the whole length of th<
Koad. If we shall come within a whistle of verifying the predi*
there will be little cause of dissatisfaction, when the length ef the
Road, the excellence of its structure and the difficulties encountered,
aken into consideraion.
The stock of the Road already taken, it is yetbelievdd, will be
ficient to carry the track through; and. that done, we shall have the
satisfaction to know, that this Company will be possessed of one of the
best Roads in the Union, well equipped, free of debt, and passing
through a country of great fertility, and a population of great ii
gence.
Its beneficial effects are already felt, in the rapid advance of
priqe of real estate along the line, and the facility with which agricul-tural
products can reach the markets, when prices rule high.
The freight business on the Road, since it was opened, has be<
good as might be reasonably expected, considering the short cri
ist year; and the way travel, has been encouraging. But in
consequence of the delay on the stage line by having to run by mail
schedule through Salem, between the two ends of the Road, the
through travel as yet has been of little value ; but after the 10th Inst,
the schedule is so altered that a day will be saved, and the through
travel will be, thereby, greatly increased.
Contracts have been made with Messrs. McKnight & Houston for
building the Shops at the point heretofore designated, in the bounty
of Alamance, so far "as the brick work is concerned, at $8 per thousand
feud, they finding every thing except the hydraulic cement used in.
the foundation and with the privilege to use the clay and wood on the
Company's land to make the brick. The foundation of a portion of
the buildings have been dug out, and the laying of the brick has al-ready
commenced.
Reference to the report of the auditing committee will show the fi-nancial
operations for the last year, and the different items of expen-diture
under appropriate heads.
In January last a contract was made with the Post Office Depart-ment
for carrying the mails on such parts of the road as were finished
to the 1st inst., at $100 per mile from Goldsboro' to Raleigh; $.
r
>(>
per mile per annum from Raleigh westward, and 875 per mile on the.
Western end.
Biddings for carrying the mail in this State for four years after 1st,
instant, were invited by the Post-Office Department on the 1st of Aprii
test. A bid for carrying the mail on this Road was put in, at 100
per mile, which the Department rejected ; but an offer of $75 wss
10
..iiade, and declined on behalf of the Road, and an agent or the De
pjTtment notified that the Company would cease to transport the mail
after the 15th inst, .unless A new contract was made.
It was not deemed expedient to accept an 'offer from the Depart-ment,
which scarcely covered the interest on the duty exacted by the
(iovernmerit on the rails over which the mail would be carried. It
may excite surprise in those who are not aware of the fact, that the
Com'pany will pay to the Government between §1200 and 81300 du-ty
on the rails of every mile of this Road. And the system of finan-ciering
challenges admiration, which exacts a sum for permission to
use foreign rails, the interest upon which will defray the whole of the
expense of carrying the mails, and leave the entire 'income of the De-partment
net profit.
This Company having received no favor in the way of remission or
.suspension of duty on its rails, has a right to expect something like a
fair compensation for any service rendered the Post Office Depart-ment.
And the demand of 8100 per mile for the 'transportation, of
the mail is deemed very moderate, and should not be considered un-reasonable
by the Department itself, when it is paying the same sum
to other Roads connecting with this ; and as they are informed, pay-ing
$85 per mile on the line of this Road for carrying the mail in
stages.
Exhibit A will show the state of the account for transportation,
from the commencement of operations to 1st inst.
Kxhibit B shows the motive power and cars on the Road, on 1st inst.
Exhibit C shows the officers and agents in the service of the Com-pany
on 1st July inst.
All of which is respectfully submitted,
J. M. MOREHEAD.
: 1 th July, 1855. Pres. N. C. R. R. Com.
EXHIBIT A .
Statement showing the amount of Freight and Passenger business on
the Nortlt. Carolina Rail Road, from the commencement of busi-ness
in September 1854, to the 1st oj July 1855.
Freight business, £28,702 29
Passenger business, 28; 161 11
'.Total Freight and Passenger business, $50,863 40
Mail pay to 1st April, 2,421 20
Total, §59,284 60
Am't ree'd from Ag'ts to 1st of July, $40, 751 65
• " *< P. 6: Dept, to 1st April, §2,421 20 $43,172 Sn
Amount to be collected, $16ylll 76
-Paid out on transportation account, -§18,678 07
11
Trie Pay Rolls of east end for month of June, and of
west end for the mouths of April, May and June
on transportation account, have not been closed
yet' and will probably amount to $3,000 Q0
Mail pay due from the first April to the 1st of July,
about $2,700 00
Of the money uncollected a portion is held by the Charlotte and
South Carolina, Rail Road Company, to pay freight lor iron on that
road,—a portion is in.the hands of the Wilmington and-WeldouR. R.
Company,—a portion is retained by merchants who have accounts
_ainst the Company, and some of the timber-getters are in arrears,
to Mime of whom the 'Company are indebted.
B
Statement of'^Motive Power and -Gars on the North Carolina Rail
Road on 1st July, 1855.
Freight Engines, 8
Passenger Engines, 6
( r ravel Engines, 2
Total, 16
Platform Carc. LOO
Crank Cars, 4
Box Cars, oi)
Gravel Cars, 2Q
Pole Cars, 1
1
Passenger Car;, 7 Total, 177
Baggage Cars, 4
Total, 11
c
Statement of Engineers, Officers and Agents on the North Carolina
Kail Road, on the 1st July 1855,
11. C. McAlla, Assistant Eng., pay per annum, $] .200
Allowance for horse and buggy, l^ ;|
\\ m. S. Long attending to superstructure, 'i * t
lames S. Morrison, Assistant Engineer. _ 1,000
Allowance for horse and buggy, ISO
Nereus Mendenhall, Assistant Engineer., .^1,000
Allowance for horse and buggy, 180'.
William P. Moore, Assistant, 1 .000
Allowance for horse and busgy, 180
K. E. Sumner, attending to superstructure, 000
Thomas J. Sumner, Assistant, attending to superstruc-ture
transportation, and repairs, v 1,180
Allowance for horse and buggy, 180
Theodore S. Garnett, P. A. Engineer on 2d, 3d and 4th
Divis., and Superintendaut of transportation, on the
west end of the Road, 2,400
• F. Peppercorn, Draughtsman, employed temporarily in.
drawing plans of shops and bridges, 1,000
12
C R. Barney, employed temporarily in making a plot
and map of the Rail Road, exhibiting the property
owned by the Company.
U. B. Gwynn, • do. do. '
John M. Morehead, President, salary,
Walter Gwynn, Chief Engineer,
C. P. Mendenhall, Secretary & Treasurer.
N. E. Scales, attending to transportation per annum,. •
K. Raiford, Agent at Goldsboro', "
W. Hastings?, •' " Boon Hill, ''•
R. Fulgham, " « Mitchnor's, "
«) H. Bryan, « « Stalling'?. «.
J. T. West, « " Raleigh,
'
J. Morris, " « Morrisville,
J. A. McMannin," « Durham's, "
0. Hooker, « « Hillsboro',
J. R. Faucett, « " Mebane's, «
J". P. Stimson, " « Lexington, "
C. Bradshaw, " " Holtsburg,
J. II. Coffin, " « Salisbury. "-
E. Harris, «« « China Grove, "
J. C. Young, •'• << Concord, "
S. J. Hairis, " « Harrisburg, "-
R R «• H Charlotte,
CONDUCTORS.
S. S. Kirklandj Conductor, Passenger Train,
P. Griffis, li " "
John A. i " « "•
P- Cox, « tight Trail,
Wiiie Perrv. <•' Gravel Train.
H. P. Taylor. Road Master,
A. King, Section Master,
J". B. Green, " "
W. H. Walton. «
i'. H. Perry. « «
Carter.Bradshaw, " "
A. T. Sawyer, :: "
IV J. Freeland, " <•'
.'' L.$cLard, "
R. H. Scott, " «
.J. H. Carthcarfe, " "-
H. Brantly,. ' " «•
Wm. Parish, " «-
T. E. Roberts, Superintendant Workshops,
J. E. Allen, Superintendant of track-laying,
John Rhodes, " "
On motion of Hon. R. M. Saunders the report was laid on
in order to take up the report of the committee on finance.
E>2Q0
1,200'
2,500<
5.00"
1,250
780
500
150
i.;,o
150
. o
150
150
351
250
600'
200
B
480
540
720
3GO
300
300
420:
420
420'
420
2,500'
1,200
900
the table-
13
••reopon, John U. Kirkland, 'chairman of tiie committee, read
Mowing report
REPORT.
Or' the' Corn mitt"-' • aci of the North Carolina Rail Road
wpany, to their Annual Meeting at Greensboro', July 12, 1855.
RECEIPTS.
1854.
j 1. To Cash in hands of Treasurer, 881,019 66
To " in full ofTmrd instalment, States
original subscription, 100,000 00
To " in full -4th ditto, 500,000 CO
To " States new subscription, 100,000 00
To " from individual Stockholders, 123,189 02
To •• from Transportation, 40,751
To " from individual Stockholders,
with interest upon their Stock,
To •• Mail pay to ist April, 2,42120
To " interest and premium on Sfc
Bonds sold,
To '' refunded by Xorris & Co., upon
ids sold tk
To " refunded by J. Mordecai,
received from Superintendant for
hire of hands, 56 12
refunded on ac't. of Right of Way,
To •• received from individual expen-ses
of sale of their Stock, 1 1
To " on account of superstructures, 111
from an .unknown person, a vol-untary
contribution to N. C. R.
Co., enclosed uncle': cover to Chief
aeer, I 00
Total, l
'
- BURSEMKXI-July
1. II Cash paid Bank of State overdrawn, 2,507 44
paid for iron account, 564,324 41 _
for grading, 193,048 63
By li for Cars and Engines, 153,935 <17
« . lbr Sills, 99,3!
B . •• construction paid to J. C. ilc-
Rae&Oo., 80,177 01
By '• superstructures, 72,491 28
By •�� Station account, 55,990 06
By " Bridge Masonry, 46,789 Ovi
14
By
By
By
By
By
By
By
By
By
By
By
By
By
By
LS55, July 1.
By Cash superstructure of Bridges, 31,338 38-
Engineering, 24,677 40<
. expenses of transportation, 18,678 07
paid in part ofa loan upon State
Bonds, New Ycr-k, 51,434 87
repairs of Road; 7,935 66
real estate. 6,275 55
lime and cement, • 5,236 51.
salaries of President and Treasu-rer
from April 1854, 4,687 50
repairs to Cars and Engines, 3,721 1 60
Right of Way, 3,055 66
Miscellaneous, 1,833 57
Machine Shops, 1,734 50
Office expenses, rent, &c, 1,277 11
milage Direc's. Corn's. & Finance, 620 00
applied to debts not classified, 7,952 35
Total,
Balance per contra,
J 855.
July 1 . To ballance in hands of Treasurer.
consisting oi the following items, to wit
400'State Bonds,
Funds in New York,
Bank of Cape Fear, Salisbury,
Bank of State, Charlotte,
Bank of State, Raleigh,
' lash on hand.
Total,
$1,432 181 22
420,723 44
$1,852,904 66
��420,723 44
400,000 00
12,707 49
4.671 54
1,109 00
275 00
• 1,960 41
8420,724 44
STATEMENT
Showing the receipts and eocpenditnres of the North Carolina Rail
Road, from the ^nminencement of business upon the Road, say
September 1854 to lit July 1855.
RECEIPTS.
To amount of freight received, .$28,702 29
To " " Travel, 28,161 11
To « " Mail pay to April, 2,421 20
To ™ "Mail pay due, 2,700 00
IS55, Jufyl, To excess of receipt^ §40,300 51
15
DISBURSEMENTS
By amount paid on transportation account, 818,678 07.
By " pay roll stilJ due, 30.000 00
By " excess oi receipts, 40,306 53
.
There is yet due upon the Stock Book of
the Company, from individual Stockhol-ders,
'
894,150 00
The resources of the Company for the en-suing
year, without reference to what
may be. received from running the Itoad,
amounts to $5$0,985 19
Embraced in the following items, to wit
:
in the hands the Treasurer.,. §420,727 44
Due upon stock of individual, 94,150 00
Due from/Transportation not collected, 16,111 7-5
Total, §530,985 19
"Four Treasurer has produced Warrants from the President of the
Company for all his disbursements, and the Committee take great
pleasure in bringing 4,0,the notice of this meeting, the neatness and
accuracy with which his books are kept.
They cannot close this report without congratulating the Company
the near approach to completion of their Road, and the very fa-vorable
results already exhibited by its operation. Giving, in the
opinion, your Committee, strong assurances, that when fairly under
way, it will be, to say the least of it, a permanent paying six per cent.
"-
1 .. k. All of which is respectfully submitted,
JOHN XT. KIRKLAND.
E. M. HOLT,
JED. H. LINDSAY,
RphEEIS'Sboro', July j 2th, 1855.
'~pon motion the report was laid on the table.
.1 A. Gilmer, Esq., submitted the following resolutions, in the
Wiereas, The Stockholders of the North Carolina Rail Road, in
ral meeting, by resolution required the Shareholders, who did not
pay their instalments of stock as per the call of the Directors,
y interest on the same until paid, which has been iuforccd,
Therefore, to do equal justice to all, be it resolved, by the Stock-oral
meeting assembled, that the shareholders, who
advanced payments to bring in the State's subscription, be al-
\ interest on such pro-payments and that all contractors not paid
tins work agreeably to their contracts be allowed interest on th'*
several amounts on which payment thereof was delayed.
Which were read to the meeting and on motion of Gen. A!<ax\ Mc--
iVe was lu id on the table.
16
The committee on proxies, through Banie'i Colemaa, chairman; sub-mitted
the following
REPORT
:
Persons present with their own Stock
in person, -...--..- 66, representing 8,344 shares
Persons present by regular proxies, 233, u 3,059 "
" informal but recom-mended
by com. to be received, 41, •• 515 "
340 6,918
Which was, after discussion, approved oi by the meet
Mr. D. A. Davis offered the following resolution :
Resolved, That this and all future annual meeting, of the Stock-holders
shall appoint a committee to consist of the Treasurer and four
8 tockkolders, residents of the place where the next annual meeting shall
beheld, who shall act as a committee to verify proxies, to
Stockholders are requested to report themselves, and deliver
proxies, as soon after their reaching the place of meeting as pi
Which was approved of by the meeting.
Whereupon Geo. W. Mordecai, J. T. Merriott, E. B. Fro
W. W. Holden, were appointed for the next annual meeting.
Robert P. Dick, Esq., presented the proxy in behalf o:
which was examined, found correct and received.
On motion of Ralph Gorrell, the meeting adjourned until to-morrow
o'clock, A. aL, which hour was made the order of the day to pro-
< eed to the election of four Directors.
Friday Morii a oc&.
The meeting met according to adjournment, when the chairman
appointed Ralph Gorrell and John U. Kirkland to superintend the
tioc for Directors—3615 votes being necessary to a choice,
casting the ballot. It was asscrtained that Charles 1 • I
6,259 i F. Fries, 5,936; R. M. Saunders, 4,424; Al
Rae, 4,844, and were declared duly elected.
Win. T. Dortch offered the following resolution :
Resolved, That the thanks of the Stockholders of the No]
lina Rail Road Company are due .and are hereby cordially tend* r< i I
the Hon. John M. Morehead, for the faithful, able and efficient
iharge of his duties as President of said company for the last five
years, and that this meeting regrets that he has deemed it his duty to
withold his valuable services as a member ofthe Board of Directors of
said company.
Gem Alexander MacRae offered, as an amendment, as follows :
y
/?• soivedf That this company tender to John M. Moreiieacl 3iccl his
immediate family tbe freedom of travel on tic Road.
Whereupon, Mr. Dortch's resolution, as amended, was adopt* 3.
D. F. Caldwell offered the following resolution :
Resolved, That in justice to the Stockholders, the Directors be and
they are hereby instructed to reduce the salaries of all officers of tbo
my to the lowest figure that will enable them to retain or se< •"
in their service efficient and competent men, especially in tbe eagin-e<
ring department.
VV. W. Avery moved to lay said* resolution on tbe table, which mo-tion
did not prevail.
The resolution was then put upon its passage and passed in
affirmative.
D. Coleman moved to take up a resolution offered by him at a for-meeting,
to prohibit the running of the trains and locomotives^
lay, which motion was rejected. .
On motion of Giles Mebane, it was resolved that tbe thanks of thisi
mooting of the Stockholders of the North Carolina Rail Road Con
ny be and they arc hereby tendered to the young men of Gr< asb<
for the use of their hall.
On motion of W. W. Avery, it was ordered that 1200 copies of
ee ding of this meeting, with the By-Laws and amended
npany be printed for the use of the stockholders.
Alexander MacRae offered the following resohr
iolvccf, That notice of the time and place of meeting of
pany be pubjisb or more of the newspapt
1
. rlotte, Salisbury, Greensboro', Hillsboro', Ra] and
i ;toh at least 20 days before the day of su
ution was reject
On motion of R. M. Saunders, it was resloved that tbe tha - -
meeting are hereby tendered to the Secretaries for th< I
and prompt dis f their duties.
motion the chairman appointed E. M. Soft, John U. Kirkland
a committee of finance for the enaiicg year.
On motion of Ralph Gorrell, tl .iCfting are tend-ered
I
'
; airman for the dignity, ability and impartiality w; ih
j resided over its deliberations.
of W. W. Avery, the meeting \t. aed to meet
ty of Raleigh on the second Thursday of July, 1856.
FRED. J HILL. Chairman,
D A. Montgomery, j «
D. H, 8tarbuck;
'l&crelun*.
BY-LAWS.
OP THK
NORTH CAROLINA RAIL ROAD COMPANY,
As revised and amended at the General Meeting of July
Wth7 1851.
MEETING- OF STOCKHOLDERS.
I. The next General Meeting of. the Stockholders shall take place
in Creeusborough, on the second Thursday of July next; and the
second Annual Meeting shall bo at Raleigh, and the third at Salis-bury
; and all subsequent meetings shall alternate in the same way
between Hillsboro', Greensborough, Raleigh and Salisbury. And the
Directors now elected, shall remain in -office until such Annual Meet-ing
at Greens borough, in July next.
II. On failure of the Stockholders to elect Directors at any Gen-eral
Annual Meeting, it shall be the duty of the President, for the
time being,' forthwith to advertise a General Meeting of tbe Stockhold-ers
to be held within twenty days thereafter for the pupose : and on
failure of the President so to advertise, or of the meeting so called to-elect
Directors, it shall be the duty of the Directors for the time be-f
ing, or any one of them, to advertise as above directed.
III. At least one hundred individual stockholders,, represented
either in person or by proxy, and holding not less than a majority of
the Stock subscribed shall be necessary to constitute a quorum for the
transaction of business.
I V. The President, or any five Directors, or any number of Stock-holders
representing cne-third of the individual stock in the North
Carolina Rail Road Company, shall have power to call occasional Meet-ings
of the Stockholders, at such time and place as he or they may
think proper,—first giving twenty days notice thereof in two or mow
, newspapers published in this State.
-20
PRESIDENT.
I. The President shall be elected annually by ballot by the major
tty of the Board of Directors; and shall receive as compensation for
his services an annual salary of $2500, over and above his necessary
travelling expenses incurred by order of the Board of Directors, in
journeys out of the State.
[I. The President shall have the general superintendence and
control of all the other officers of the Company, and shall prescribe
their duties unless otherwise provided for by the Rules and Regula-tions
of the Board of Directors : he shall carefully examine into the
performance of their duties, and from time to time report to the Di-rectors
all and eve^ matter touching the interests of the Company
which shall come to his knowledge.
III. The President shall keep the seal of the Company, and with
insent of a majority of the Directors shall affix the same to all.'
conveyances and other instruments to which the attestation of the
seal may be necessary, and sign the same on behalf of the Corporation.
SECRETARY AND TREASURER.
[. The offices of Secretary and Treasurer shall be combined until
the Board of Directors shall deem it necessary to separate them.
II. The Treasurer and Secretary shall be appointed by the Board
oi Directors, and shall give bond in the sum of $80,000, with-security
to fee approved by/the Board, and shall receive for his services the
sum of $1250 per annum. -
III. It shall be the duty of the Treasurer and Secretary to keepj
and fair journal of the meetings and proceedings of the Board of
, to advertise and collect all assessments which may from
tUne bo time be made upon the Stockholders; and in failure of any
Stockholder to pay his assessments within the time prescribed, to re*
pure the name or names of such Stockholders to the President; to
keep all the money and other valuable effects
of the Company, and to disburse the same under the direction and
upon the requisition of the President; and to take proper vouchers
lisburseaients, and to perform all such other duties as may
iscribed by the Board of Directors.
IV. The Treasurer shall deposit all moneys belonging to the Coni-tkof
the State, at Raleigh, and in the Branch of the Bank
of C;<pi? Rear at Salisburyand Greensboro', keep a regular and accurate
receipts and disbursements made by him, and shall render
to the i 'resident and Directors a quarterly account of all his transact
tions, and as much oftner as the President and Directors may require ;
and he shall at no time retain in his hands a sum exceeding five thou-sand
dollars.
V. That a standing committee of three persons be appointed at
each annual meeting of the stockholders, (commencing with the press
ent,) to audit and report upon all accounts of the Treasurer, tu the
stockholders at each annual meeting;—that said committee act in the
intervals of regular meetings, and that they be allowed the sum often
21
cents per mile for their travelling expenses, and the sum of two dol-lars
per diem for each day in which they shall be engaged in said se'r
vice.
DIRECTORS.
I. The Board of Directors shall meet once in every three mont'>.-
The first meeting shall take place in Salisbury, and all subsequent
meetings at such places as the Board may direct ; and the President
shall be^at liberty to convene the Board as much often er as the inter-ests
of the Company may require ; and the Directors shall receive as
full compensation for their services at the rate of ten cents per mile fi >
every mile travelled to and from the place of meeting ; and five mem
bors of the Board of Directors, including the President, shall con-ii
tute a quorum for the transaction of business.
II. The President and Directors shall have power to employ I
gineers and such other Officers and Agents as they may think proper,
and to fix their compensation; and shall make a report of all such ap-pointments
to the regular Annual Meeting of the Stockholders.
III. The Directors shall have power to establish a common
with suitable devices ; to ascertain and define the duties of the < Iffi-cers,
Clerks, and Servants of the Company, .and direct them in the
performance thereof, and to dismiss from the service of the Com
iv.y Officer, or Agent, Clerk or Servant appointed by them, at pleasjin
PROXIES.
The form of all Proxies to represent Stockholders at their General
Meetings may be as follows :
ow all men by these presents, that I (A. B.), of the Coun;
and State of , do hereby substitute an 1
appoint (C. D.) of the county of , and State of . to
be my Proxy, for me and in my name and behalf to vote on
Shares, being votes, at the next General Meeting of the Stock-holders
of the North Carolina Rail Road Company, on any matter
which may properly come before them.
In witness whereof I have hereunto set my hand and seal, this
day of ,185 . -fi^B^
Which shall be signed by the party and attested by some Justice of
the Peace, Clerk of a Court aforesaid, Notary Public, or Direct
the Company. And none but a Stockholder shall be a proxy.
CONTRACTS.
Contracts shall be made under such rules and regulations a.s the
Directors shall prescribe, and when signed by the President, shall b'.
binding on the Company, either with or without the seal of the (
'
notation.
22
CERTIFICATES OF STOCK.
°.Tne form of all Certificates of Stock shall be as follow?
.
North Carolina Rail Road Company.
No. Shares.
Be it known that of N
entitled to shares in the North Carolina Rail Road
Company, transferable by the said either
personally or by Attorney, only at the Office, and on the Books of
said Company.
Witness, President of the said
North Carolina Rail Road Company at under
:he seal of the Corporation, this day of
A. D.
TRANSFERS.
And the Stock shall be transferred, either in person or by Attor-^
ney, at the Office, and on the Books of the Company to be kept for
that purpose.
The form of all transfers of subscriptions to the stock of this* Com-pany
shall be as follows :
' Know all men by these presents, that I (A. B.) for and in con-sideration
of the sum of dollars, tome in hand paid by
('. 1).,) the receipt and payment of which is hereby acknowledged,
have bargained, sold, assigned and set over to the said (C. D.)
shares of the capital stock in the North Carolina Rail Road Company,
which was subscribed by me in the books of said Company (or, which
have been purchased by mc, as the case may be,)—to have and to
hold to him the said (C. D.,)his executors, administrators and assign*
forever ; and the said (C. D.) doth hereby agree to receive and ac
eept of the above named stock, transferred as aforesaid.
' In testimony whereof, the parties aforesaid have hereunto set
their hands and seals, this , A. I)., 185 .
' Seal.
' Seal.'
Which said transfer shall be signed either in person or by attor
ney, by both parties, in the presence of a Director of this Companj
some one of the Judges of the Superior or Supreme Court, a Clerk
and Master in Equity, or a Notary Public, and attested by the same
.and when the attestation is made by a Clerk, or Clerk and Master, or
Notary Public, it shall be further authenticated by his seal of office.
And said transfer shall be filed in the office of the Secretary of said
I ompany at or before the next Annual Meeting of the Stockholders,
. j nd it shall be recorded on the journals of the proceedings of the
/:3oard of Directors.

Wfje TLibvavp
of tfie
MmbersiitpofiSortjjCarolma
Collection of Jlortf) Caroltmana
Cnbotoeb bp
Sfofjn g>pnmt ^tll
of the Class oil889
:(>
per mile per annum from Raleigh westward, and 875 per mile on the.
Western end.
Biddings for carrying the mail in this State for four years after 1st,
instant, were invited by the Post-Office Department on the 1st of Aprii
test. A bid for carrying the mail on this Road was put in, at 100
per mile, which the Department rejected ; but an offer of $75 wss
10
..iiade, and declined on behalf of the Road, and an agent or the De
pjTtment notified that the Company would cease to transport the mail
after the 15th inst, .unless A new contract was made.
It was not deemed expedient to accept an 'offer from the Depart-ment,
which scarcely covered the interest on the duty exacted by the
(iovernmerit on the rails over which the mail would be carried. It
may excite surprise in those who are not aware of the fact, that the
Com'pany will pay to the Government between §1200 and 81300 du-ty
on the rails of every mile of this Road. And the system of finan-ciering
challenges admiration, which exacts a sum for permission to
use foreign rails, the interest upon which will defray the whole of the
expense of carrying the mails, and leave the entire 'income of the De-partment
net profit.
This Company having received no favor in the way of remission or
.suspension of duty on its rails, has a right to expect something like a
fair compensation for any service rendered the Post Office Depart-ment.
And the demand of 8100 per mile for the 'transportation, of
the mail is deemed very moderate, and should not be considered un-reasonable
by the Department itself, when it is paying the same sum
to other Roads connecting with this ; and as they are informed, pay-ing
$85 per mile on the line of this Road for carrying the mail in
stages.
Exhibit A will show the state of the account for transportation,
from the commencement of operations to 1st inst.
Kxhibit B shows the motive power and cars on the Road, on 1st inst.
Exhibit C shows the officers and agents in the service of the Com-pany
on 1st July inst.
All of which is respectfully submitted,
J. M. MOREHEAD.
: 1 th July, 1855. Pres. N. C. R. R. Com.
EXHIBIT A .
Statement showing the amount of Freight and Passenger business on
the Nortlt. Carolina Rail Road, from the commencement of busi-ness
in September 1854, to the 1st oj July 1855.
Freight business, £28,702 29
Passenger business, 28; 161 11
'.Total Freight and Passenger business, $50,863 40
Mail pay to 1st April, 2,421 20
Total, §59,284 60
Am't ree'd from Ag'ts to 1st of July, $40, 751 65
• " *< P. 6: Dept, to 1st April, §2,421 20 $43,172 Sn
Amount to be collected, $16ylll 76
-Paid out on transportation account, -§18,678 07
11
Trie Pay Rolls of east end for month of June, and of
west end for the mouths of April, May and June
on transportation account, have not been closed
yet' and will probably amount to $3,000 Q0
Mail pay due from the first April to the 1st of July,
about $2,700 00
Of the money uncollected a portion is held by the Charlotte and
South Carolina, Rail Road Company, to pay freight lor iron on that
road,—a portion is in.the hands of the Wilmington and-WeldouR. R.
Company,—a portion is retained by merchants who have accounts
_ainst the Company, and some of the timber-getters are in arrears,
to Mime of whom the 'Company are indebted.
B
Statement of'^Motive Power and -Gars on the North Carolina Rail
Road on 1st July, 1855.
Freight Engines, 8
Passenger Engines, 6
( r ravel Engines, 2
Total, 16
Platform Carc. LOO
Crank Cars, 4
Box Cars, oi)
Gravel Cars, 2Q
Pole Cars, 1
1
Passenger Car;, 7 Total, 177
Baggage Cars, 4
Total, 11
c
Statement of Engineers, Officers and Agents on the North Carolina
Kail Road, on the 1st July 1855,
11. C. McAlla, Assistant Eng., pay per annum, $] .200
Allowance for horse and buggy, l^ ;|
\\ m. S. Long attending to superstructure, 'i * t
lames S. Morrison, Assistant Engineer. _ 1,000
Allowance for horse and buggy, ISO
Nereus Mendenhall, Assistant Engineer., .^1,000
Allowance for horse and buggy, 180'.
William P. Moore, Assistant, 1 .000
Allowance for horse and busgy, 180
K. E. Sumner, attending to superstructure, 000
Thomas J. Sumner, Assistant, attending to superstruc-ture
transportation, and repairs, v 1,180
Allowance for horse and buggy, 180
Theodore S. Garnett, P. A. Engineer on 2d, 3d and 4th
Divis., and Superintendaut of transportation, on the
west end of the Road, 2,400
• F. Peppercorn, Draughtsman, employed temporarily in.
drawing plans of shops and bridges, 1,000
12
C R. Barney, employed temporarily in making a plot
and map of the Rail Road, exhibiting the property
owned by the Company.
U. B. Gwynn, • do. do. '
John M. Morehead, President, salary,
Walter Gwynn, Chief Engineer,
C. P. Mendenhall, Secretary & Treasurer.
N. E. Scales, attending to transportation per annum,. •
K. Raiford, Agent at Goldsboro', "
W. Hastings?, •' " Boon Hill, ''•
R. Fulgham, " « Mitchnor's, "
«) H. Bryan, « « Stalling'?. «.
J. T. West, « " Raleigh,
'
J. Morris, " « Morrisville,
J. A. McMannin," « Durham's, "
0. Hooker, « « Hillsboro',
J. R. Faucett, « " Mebane's, «
J". P. Stimson, " « Lexington, "
C. Bradshaw, " " Holtsburg,
J. II. Coffin, " « Salisbury. "-
E. Harris, «« « China Grove, "
J. C. Young, •'• << Concord, "
S. J. Hairis, " « Harrisburg, "-
R R «• H Charlotte,
CONDUCTORS.
S. S. Kirklandj Conductor, Passenger Train,
P. Griffis, li " "
John A. i " « "•
P- Cox, « tight Trail,
Wiiie Perrv. 2Q0
1,200'
2,500<
5.00"
1,250
780
500
150
i.;,o
150
. o
150
150
351
250
600'
200
B
480
540
720
3GO
300
300
420:
420
420'
420
2,500'
1,200
900
the table-
13
••reopon, John U. Kirkland, 'chairman of tiie committee, read
Mowing report
REPORT.
Or' the' Corn mitt"-' • aci of the North Carolina Rail Road
wpany, to their Annual Meeting at Greensboro', July 12, 1855.
RECEIPTS.
1854.
j 1. To Cash in hands of Treasurer, 881,019 66
To " in full ofTmrd instalment, States
original subscription, 100,000 00
To " in full -4th ditto, 500,000 CO
To " States new subscription, 100,000 00
To " from individual Stockholders, 123,189 02
To •• from Transportation, 40,751
To " from individual Stockholders,
with interest upon their Stock,
To •• Mail pay to ist April, 2,42120
To " interest and premium on Sfc
Bonds sold,
To '' refunded by Xorris & Co., upon
ids sold tk
To " refunded by J. Mordecai,
received from Superintendant for
hire of hands, 56 12
refunded on ac't. of Right of Way,
To •• received from individual expen-ses
of sale of their Stock, 1 1
To " on account of superstructures, 111
from an .unknown person, a vol-untary
contribution to N. C. R.
Co., enclosed uncle': cover to Chief
aeer, I 00
Total, l
'
- BURSEMKXI-July
1. II Cash paid Bank of State overdrawn, 2,507 44
paid for iron account, 564,324 41 _
for grading, 193,048 63
By li for Cars and Engines, 153,935 <17
« . lbr Sills, 99,3!
B . •• construction paid to J. C. ilc-
Rae&Oo., 80,177 01
By '• superstructures, 72,491 28
By •�� Station account, 55,990 06
By " Bridge Masonry, 46,789 Ovi
14
By
By
By
By
By
By
By
By
By
By
By
By
By
By
LS55, July 1.
By Cash superstructure of Bridges, 31,338 38-
Engineering, 24,677 40<
. expenses of transportation, 18,678 07
paid in part ofa loan upon State
Bonds, New Ycr-k, 51,434 87
repairs of Road; 7,935 66
real estate. 6,275 55
lime and cement, • 5,236 51.
salaries of President and Treasu-rer
from April 1854, 4,687 50
repairs to Cars and Engines, 3,721 1 60
Right of Way, 3,055 66
Miscellaneous, 1,833 57
Machine Shops, 1,734 50
Office expenses, rent, &c, 1,277 11
milage Direc's. Corn's. & Finance, 620 00
applied to debts not classified, 7,952 35
Total,
Balance per contra,
J 855.
July 1 . To ballance in hands of Treasurer.
consisting oi the following items, to wit
400'State Bonds,
Funds in New York,
Bank of Cape Fear, Salisbury,
Bank of State, Charlotte,
Bank of State, Raleigh,
' lash on hand.
Total,
$1,432 181 22
420,723 44
$1,852,904 66
��420,723 44
400,000 00
12,707 49
4.671 54
1,109 00
275 00
• 1,960 41
8420,724 44
STATEMENT
Showing the receipts and eocpenditnres of the North Carolina Rail
Road, from the ^nminencement of business upon the Road, say
September 1854 to lit July 1855.
RECEIPTS.
To amount of freight received, .$28,702 29
To " " Travel, 28,161 11
To « " Mail pay to April, 2,421 20
To ™ "Mail pay due, 2,700 00
IS55, Jufyl, To excess of receipt^ §40,300 51
15
DISBURSEMENTS
By amount paid on transportation account, 818,678 07.
By " pay roll stilJ due, 30.000 00
By " excess oi receipts, 40,306 53
.
There is yet due upon the Stock Book of
the Company, from individual Stockhol-ders,
'
894,150 00
The resources of the Company for the en-suing
year, without reference to what
may be. received from running the Itoad,
amounts to $5$0,985 19
Embraced in the following items, to wit
:
in the hands the Treasurer.,. §420,727 44
Due upon stock of individual, 94,150 00
Due from/Transportation not collected, 16,111 7-5
Total, §530,985 19
"Four Treasurer has produced Warrants from the President of the
Company for all his disbursements, and the Committee take great
pleasure in bringing 4,0,the notice of this meeting, the neatness and
accuracy with which his books are kept.
They cannot close this report without congratulating the Company
the near approach to completion of their Road, and the very fa-vorable
results already exhibited by its operation. Giving, in the
opinion, your Committee, strong assurances, that when fairly under
way, it will be, to say the least of it, a permanent paying six per cent.
"-
1 .. k. All of which is respectfully submitted,
JOHN XT. KIRKLAND.
E. M. HOLT,
JED. H. LINDSAY,
RphEEIS'Sboro', July j 2th, 1855.
'~pon motion the report was laid on the table.
.1 A. Gilmer, Esq., submitted the following resolutions, in the
Wiereas, The Stockholders of the North Carolina Rail Road, in
ral meeting, by resolution required the Shareholders, who did not
pay their instalments of stock as per the call of the Directors,
y interest on the same until paid, which has been iuforccd,
Therefore, to do equal justice to all, be it resolved, by the Stock-oral
meeting assembled, that the shareholders, who
advanced payments to bring in the State's subscription, be al-
\ interest on such pro-payments and that all contractors not paid
tins work agreeably to their contracts be allowed interest on th'*
several amounts on which payment thereof was delayed.
Which were read to the meeting and on motion of Gen. A!.-
The first meeting shall take place in Salisbury, and all subsequent
meetings at such places as the Board may direct ; and the President
shall be^at liberty to convene the Board as much often er as the inter-ests
of the Company may require ; and the Directors shall receive as
full compensation for their services at the rate of ten cents per mile fi >
every mile travelled to and from the place of meeting ; and five mem
bors of the Board of Directors, including the President, shall con-ii
tute a quorum for the transaction of business.
II. The President and Directors shall have power to employ I
gineers and such other Officers and Agents as they may think proper,
and to fix their compensation; and shall make a report of all such ap-pointments
to the regular Annual Meeting of the Stockholders.
III. The Directors shall have power to establish a common
with suitable devices ; to ascertain and define the duties of the < Iffi-cers,
Clerks, and Servants of the Company, .and direct them in the
performance thereof, and to dismiss from the service of the Com
iv.y Officer, or Agent, Clerk or Servant appointed by them, at pleasjin
PROXIES.
The form of all Proxies to represent Stockholders at their General
Meetings may be as follows :
ow all men by these presents, that I (A. B.), of the Coun;
and State of , do hereby substitute an 1
appoint (C. D.) of the county of , and State of . to
be my Proxy, for me and in my name and behalf to vote on
Shares, being votes, at the next General Meeting of the Stock-holders
of the North Carolina Rail Road Company, on any matter
which may properly come before them.
In witness whereof I have hereunto set my hand and seal, this
day of ,185 . -fi^B^
Which shall be signed by the party and attested by some Justice of
the Peace, Clerk of a Court aforesaid, Notary Public, or Direct
the Company. And none but a Stockholder shall be a proxy.
CONTRACTS.
Contracts shall be made under such rules and regulations a.s the
Directors shall prescribe, and when signed by the President, shall b'.
binding on the Company, either with or without the seal of the (
'
notation.
22
CERTIFICATES OF STOCK.
°.Tne form of all Certificates of Stock shall be as follow?
.
North Carolina Rail Road Company.
No. Shares.
Be it known that of N
entitled to shares in the North Carolina Rail Road
Company, transferable by the said either
personally or by Attorney, only at the Office, and on the Books of
said Company.
Witness, President of the said
North Carolina Rail Road Company at under
:he seal of the Corporation, this day of
A. D.
TRANSFERS.
And the Stock shall be transferred, either in person or by Attor-^
ney, at the Office, and on the Books of the Company to be kept for
that purpose.
The form of all transfers of subscriptions to the stock of this* Com-pany
shall be as follows :
' Know all men by these presents, that I (A. B.) for and in con-sideration
of the sum of dollars, tome in hand paid by
('. 1).,) the receipt and payment of which is hereby acknowledged,
have bargained, sold, assigned and set over to the said (C. D.)
shares of the capital stock in the North Carolina Rail Road Company,
which was subscribed by me in the books of said Company (or, which
have been purchased by mc, as the case may be,)—to have and to
hold to him the said (C. D.,)his executors, administrators and assign*
forever ; and the said (C. D.) doth hereby agree to receive and ac
eept of the above named stock, transferred as aforesaid.
' In testimony whereof, the parties aforesaid have hereunto set
their hands and seals, this , A. I)., 185 .
' Seal.
' Seal.'
Which said transfer shall be signed either in person or by attor
ney, by both parties, in the presence of a Director of this Companj
some one of the Judges of the Superior or Supreme Court, a Clerk
and Master in Equity, or a Notary Public, and attested by the same
.and when the attestation is made by a Clerk, or Clerk and Master, or
Notary Public, it shall be further authenticated by his seal of office.
And said transfer shall be filed in the office of the Secretary of said
I ompany at or before the next Annual Meeting of the Stockholders,
. j nd it shall be recorded on the journals of the proceedings of the
/:3oard of Directors.